产品市场竞争与财务保守行为——以燕京啤酒为例的分析

Product Market Competition and Financial Conservatism——Model and the Case of Yanjing Beer Co

企业财务保守行为近年来在资本结构研究中颇受关注。本文构造了一个两阶段模型 ,考察当企业必须加大投资的条件下 ,产品市场未来竞争程度与企业当前债务规模的关系。模型表明 ,当企业预期未来竞争程度越激烈 ,当前选择的债务规模也越低 ,从而产生财务保守行为。本文对燕京啤酒财务保守行为进行了分析 ,证实了本文的模型。

In recent years, study on capital structure concerns the firms that adopt conservative financial policies. This paper construct a two-period model that examines the relationship between the current amount of debt and the expectation of the future competition in the product market which require firms to increase the investment. This model shows that, the severer the expectation of the future competition, the smaller the current amount of debt. This is called financial conservatism. This paper analyses the case of Yanjing Beer Corporation to confirm this model.